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Egypt: Tycoon moves to prevent TIM breakup

By  |  January 27, 2014

TIM Brasil, the Brazil-based wireless firm owned by Telecom Italia, remains in limbo as Spain’s Telefonica pressures the breakup of the company. But reports say Egyptian billionaire Naguib Sawiris is looking to prevent such a plan by making his own bid for the Brazilian company.

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    Local media in Egypt reported that the tycoon is looking to prevent a TIM breakup because “not will devalue not just Telecom Italia shares, but also the assets of all the parts,” Sawiris said.

    Sawiris is the head of Orascom Telecom Media and Technology. Reports say he has looked to enter the Brazilian telco market before and had been planning to increase his stake in Telecom Italia before Telfonica boosted its control of the company by acquiring more of Telecom Italia holding company Telco.

    That buyout, made last September, irked Brazilian competition authorities, which ruled that Telefonica must either find a partner for its unit in Brazil, Telefonica Brasil, or breakup TIM by selling its indirect stake in the company.

    Full Content: Reuters

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